Why rare-earth magnet supply issues are causing EV delays in India
Indian carmakers are hitting a roadblock with electric vehicles because rare-earth magnets—key for EV motors—are suddenly hard to get, thanks to China holding up approvals.
Bajaj Auto and others are now testing out light rare-earth magnets instead, but that switch hasn't been smooth.
Bajaj Auto and Mahindra's current situation
Bajaj Auto's Rakesh Sharma shared that EV production has taken a hit since July 2023, but they're hoping to get back on track by making 60% of their EVs with these new magnets by August.
Meanwhile, Mahindra & Mahindra is already using light magnets, and some companies are even looking into ceramic or graphene tech.
The shortage has also pushed Bajaj Auto to delay new EV launches, showing just how important it is for Indian automakers to find suppliers beyond China.